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July 25, 2024
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Stos Partners Picks Up 10-Unit Res Asset in San Diego’s Rolando Village Area


Stos Partners in partnership with Apartment Worth and a high-net worth family investment entity, has acquired a 9.5k sf ‘ten-plex’ multifamily community in the Rolando Village submarket of San Diego. The property, which is located at 6752 Solita Ave, was acquired for $4.26 mil ($426k/unit) with financing arranged through C3 Bank.

The 10 units within the property consist of three-bedroom / two-bath stand-alone cottages, which are rare for the submarket. The garden-style dwellings are freestanding with no common walls, adding a layer of luxury and privacy for the tenants and prospective tenants. Additionally, each unit boasts its own private patio.

In addition to being located in the booming San Diego rental market, the property is situated within a 10-minute drive of San Diego State University, along with easy access to major freeways, such as Interstates 8, 125, and 94 freeways and a variety of shopping centers.

“We believe we will continue to see robust economic growth in San Diego, which, coupled with the housing shortage and looming stagflation, will lead to increased value for renovated existing multifamily communities,” explains CJ Stos, President at Stos Partners, who notes that the San Diego multifamily market saw average vacancy rates sitting at just 2.2% at the end of 2021, a sharp decline from the past two years. “This acquisition is aligned with our proven strategy to purchase properties with value-add opportunities located within in-demand Southern California submarkets that pose a strong potential for upside, and we plan to expand this business plan into other Western markets, such as Phoenix, in the coming months.”

Stos Partners plans to complete strategic value-add upgrades to the interiors of the unique cottages to further enhance the appeal of the community and bring rents up to market. They were repped in the deal by Peter Scepanovic and Corey McHenry from Colliers International.

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